Japan will release state oil reserves starting Thursday amid supply concerns from the US-Israeli war against Iran, Prime Minister Sanae Takaichi said on Tuesday (24/3).
The move was announced at a cabinet meeting that discussed the impact of the escalation in the Middle East on Japan's economy.
The policy was taken after the release of oil reserves from the private sector began last week.
Takaichi said the oil reserves of Middle Eastern countries stored in Japan will also begin to be used by the end of this month.
"Peace and stability in the Middle East are very important for Japan and the international community," he said as quoted by Antara.
He added that Tokyo would continue to "make all necessary diplomatic efforts in close coordination with the relevant countries."
Takaichi also said that he and US President Donald Trump emphasized the importance of maintaining a stable energy supply.
This was done by ensuring navigation security in the Strait of Hormuz, the main global oil transport route, in a meeting in Washington last week.
Ahead of a joint announcement with the International Energy Agency, Takaichi on March 11 said Japan would start releasing the equivalent of 15 days of private sector oil reserves starting March 16.
This step will be followed by the release of the country's oil reserves equivalent to one month.
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